Traders are always
looking for some good forex trading tips, so I thought
I would chime in my favorite tips. I can safely say
that these little tips have really helped my trading
career.
1)
Get rid of your
indicators - Yep. You heard me correctly. I
know this may seems insane to many traders, but you
won't be able to see what the market truly has to offer
until you get rid of these lagging tools. When you
finally do so, you are able to understand why currency
prices stop at certain points, as there are inherent
support and resistance areas based off of price action
patterns.
Get Jim Cramer's Getting Back to Even from
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2)
Always trade with the
trend - You've probably heard of this
forex trading tip before, but it always amazes me how
many people don't actually do it. Trading against the
trend is like trying to catch a falling knife. Sure you
might be able to catch it without hurting yourself, but
you are making it a lot more dangerous on yourself. I
think a lot of traders do this for the simple fact that
many don't know how to spot a trend. I'll give you a
clue. You are not going to find it using moving
averages.
3)
Be able to explain your
trade-
This forex trading tip may sound strange, but what I
mean is that you should be able to explain the reason
in great detail, as to why you opened and closed a
trade. I don't mean because Stochastics were showing
oversold. There should be deeper and more analytical
reasons of why you take a trade.
